IEPPE Exam Dumps : Internationally Educated Professional Practice Exam

Specific performanceis a legal remedy where a courtorders a party to fulfill their contractual obligationswhen monetary compensation is inadequate.

Step-by-Step Explanation:

Definition of Specific Performance:

Used whendamages are not enough to compensate for a breach.

Most common inreal estate and unique contract disputes.

Example:

If aseller refuses to transfer property after a buyer has paid, the courtcan order them to complete the sale.

Why Option A Is Correct:

It is acourt-ordered fulfillmentof contractual duties.

Why Other Options Are Incorrect:

B (Refusal to perform)– Describesrepudiation, not specific performance.

C (Contract completion and payment)– Applies tocontract execution, not enforcement.

D (Changing contract terms)– Deals withmodification, not enforcement.

1. Why Construction Must Follow the Codes in Place When Permits Are Issued

Building codes and regulations exist to ensure the safety, structural integrity, and efficiency of construction projects.

Once a building permit is granted, the project is legally required to comply with the codes in effect at the time the permit was issued.

2. Understanding Code Compliance in Construction Projects:

Step 1: Building Permit Issued→ The project must comply with theOntario Building Code (OBC) and other relevant standards at this time.

Step 2: Construction Begins→ If codes changeafterthe permit is issued, the original code still applies.

Step 3: Project Completion→ Thebuilding is inspected based on the original permit conditions.

3. Why Option B is Correct:

The end design must comply with the code in effect when the permits were granted, ensuring that projects are not unfairly affected by regulatory changes.

4. Why Other Options Are Incorrect:

A (Meet requirements in place at project completion)– Incorrect;regulations at completion do not apply if a permit was issued earlier.

C (Meet requirements when ground is broken)– Building codes applyat the time of permit approval, not construction start.

D (Meet requirements when the contract was signed)– A contractdoes not determine legal building requirements.

Acorporationoffers the best flexibility forwithdrawing profits while keeping the business stable.

Step-by-Step Explanation:

Ways to Withdraw Money from a Business:

Salary– Owners canpay themselves wagesas employees.

Dividends– Corporations candistribute profits to shareholderswithout affecting operations.

Selling Shares– Owners cansell shares to raise personal funds.

Why a Corporation is the Best Choice:

Allows selling shares without disrupting business operations.

Offers tax advantagesfor business owners.

Profits can be withdrawn as dividends or salaries.

Why Option B Is Correct:

Corporations provide multiple ways to withdraw profits without affecting the company’s stability.

Why Other Options Are Incorrect:

A (Partnerships)– Cannot sell shares; mustdissolve the business to withdraw capital.

C (Sole Proprietorships)–Cannot sell shares or pay dividends.

D (Joint Venture)–Temporary business structure; not designed for long-term profitability.